https://www.taxtmi.com/caselaws?id=329218 The Tribunal found the show cause notice issued under Section 274 of the Income Tax Act to be defective as it did not specify the grounds for penalty imposition clearly. Consequently, the penalty imposed on the assessee for declaring short-term capital gains as business income was canceled. The Tribunal emphasized the importance of a notice specifying the grounds for penalty imposition to allow the assessee to contest the proceedings adequately. The appeal was allowed, and the penalty was canceled. en-us Wed, 01 Jun 2016 00:00:00 +0530 Sat, 25 Jun 2016 11:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329218 The Tribunal found the show cause notice issued under Section 274 of the Income Tax Act to be defective as it did not specify the grounds for penalty imposition clearly. Consequently, the penalty imposed on the assessee for declaring short-term capital gains as business income was canceled. The Tribunal emphasized the importance of a notice specifying the grounds for penalty imposition to allow the assessee to contest the proceedings adequately. The appeal was allowed, and the penalty was canceled. Case-Laws Income Tax Wed, 01 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329218